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Investments
 6 Months Ended
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
The Company’s investments include Investments at fair value and Equity method investments.

Investments at fair value consist of investments for which the fair value option has been elected. The primary reasons for electing the fair value option are to:
•reflect economic events in earnings on a timely basis;
•mitigate volatility in earnings from using different measurement attributes; and
•address simplification and cost-benefit considerations
Such election is irrevocable and is applied on an investment-by-investment basis at initial recognition or at other eligible election dates. Changes in the fair value of such instruments are recognized in Loss on investments in the Condensed Consolidated Statement of Operations.
The Cost and Fair Value of Investments as of June 30, 2024 and December 31, 2023 are presented below:
As of June 30, 2024As of December 31, 2023
(Dollars in Thousands)CostFair ValueCostFair Value
Investments at Fair Value:
Mutual funds$124 $110 $93 $75 
Exchange-traded funds100 109 105 108 
TIG Arbitrage Associates Master Fund489 513 482 500 
TIG Arbitrage Enhanced Master Fund179 227 179 231 
TIG Arbitrage Enhanced— — 682 776 
Arkkan Opportunities Feeder Fund111 129 111 119 
Arkkan Capital Management Limited20,062 25,352 20,062 24,822 
Zebedee Asset Management68,913 72,280 68,913 69,454 
Romspen Investment Corporation (1)
72,523 63,508 72,523 69,802 
Other6 6 7 7 
Total Investments at fair value$162,507 $162,234 $163,157 $165,894 
Equity method investments:
Real estate equity method investments$5,628 $5,628 $9,311 $9,311 
Wealth management - investment advisory$99 $99 $2,505 $2,505 
Carried interest vehicles$1,777 $1,777 $2,378 $2,378 
Total Equity method investments7,504 7,504 14,194 14,194 
Total$170,011 $169,738 $177,351 $180,088 
(1) The fair value of this investment is reported on a one-month lag from the fund financial statements due to timing of the information provided by the fund and third-party entity unless information is available on a more timely basis. As a result, any changes in the markets in which our managed funds operate, and the impact market conditions have on underlying asset valuations, may not yet be reflected in reported amounts.
The Company’s Investments at fair value include unrealized gains (losses) and realized gains (losses) in the Condensed Consolidated Statement of Financial Position.
The breakdown of unrealized gains (losses) and realized gains (losses) on Investments at fair value for the relevant periods are as follows:
For the Three Months EndedFor the Six Months Ended
(Dollars in Thousands)June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Gains (Losses) on Investments at FV:
Realized gains (losses)$4 $5,685 $7 $— 
Unrealized gains (losses) 1,734 (1,915)(2,923)1,864 
Total gains (losses) on Investments at fair value$1,738 $3,770 $(2,916)$1,864